Bank Transfer (CI)
Bank transfers are a formal method of payment in Côte d’Ivoire, primarily used by businesses and individuals with access to banking services. However, their adoption faces limitations due to low banking penetration (only 15% of the population has a bank account) and high service fees. Despite these barriers, bank transfers remain relevant for secure, high-value transactions.
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Reasons for Popularity
Security: Trusted for large transactions, especially in business contexts, due to enhanced traceability and reliability.
Integration with Formal Economy: Essential for payroll, supplier payments, and government services in Côte d’Ivoire’s formal sector.
Growing Digital Banking: The adoption of mobile banking apps by leading banks like Société Générale and Ecobank is making transfers more accessible to the urban population.
